Ethereum is showing signs of strength on two crucial fronts at the same time. On-chain activity has risen to record levels, reflecting heavier real-world usage across the network, while the long-term technical structure is uncertain. tends towards an upward continuation.
Together, these signals suggest that Ethereum’s current phase could be more than just a sideways move, as underlying data points to continued demand and constructive price behavior.
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Daily transactions in Ethereum are reaching a new high
Ethereum price action is turning bullish with a steady increase over the past few days. Notably, on-chain data shows that this increase comes on top of steady on-chain activity over the past few days.
Data from Ethereum’s on-chain activity shows that the number of daily transactions recently increased to approximately 2.8 million, marking a new record for the network. Interestingly, this figure stands out not only as a record, but also because it is roughly 64% higher than the daily transaction levels observed during the peak of the 2021 bull market.
Sentora’s chart data illustrates a progression that shows the number of transactions in Ethereum has been steadily increasing over the years, peaking in early 2026.
Comparison of transaction activity with 2021 adds more context given the intense amount of activity the Ethereum network was witnessing at the time. At the time, Ethereum was at the center of an altcoin season and a boom in NFTs, all of which contributed to a spike in transaction activity and a push to new price highs.
The fact that Ethereum is now processing significantly more transactions per day compared to 2021 shows that network usage has risen above speculative behavior. The steady increase in transaction activity shows the vast amount of usage within decentralized finance and stablecoin settlement, among others.
Ethereum daily transaction chart. Source: @SentoraHQ On X
Ethereum reaccumulation within a macro uptrend
Technical analysis of Ethereum’s market capitalization over a three-week period shows that the cryptocurrency is still trading in a stable zone. Mainly technical analysis done by crypto analyst Egrag Crypto Suggests Ethereum is In reaccumulation within a macro-uptrend.
A look at the three-week time frame shows ETH’s market cap holding above the 21 EMA, respecting the rising macro trendline, printing higher highs and lower lows, and compressing below historical resistance. That is constructive behavior, not weakness.
History shows that periods of holding Ethereum’s market cap above the 21 EMA during this period have led to expansion phases, while continued moves below have marked a bear market.
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Currently the structure gives the EMA support is defended. From a probabilistic point of view, the current setup tends towards continuation rather than breakdown. A move through the overhead resistance band would likely confirm an expansion phase and allow Ethereum to continue a bullish continuation of 70% to 75%.
Market capitalization ETH. Source: @egragcrypto On X
On the other hand, a bearish outcome will become possible if the price action loses the 21 EMA on the three-week chart. This could validate a deeper correction of 25% to 30% towards the lower trendline, but this scenario has a lower probability.
Featured image from Unsplash, chart from TradingView